A new report from RealtyTrac states the six of the top ten markets for homes underwater in the third quarter are located in Florida. Underwater, or up-side down homes, are those in which the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value. The top 10 markets are: Lakeland (28 percent), followed by Las Vegas (27.3 percent); Cleveland (27.2 percent); Deltona-Daytona Beach (26.7 percent); Orlando (25.6 percent); Tampa (24.3 percent); Toledo, Ohio (24.1 percent); Chicago (24 percent); Palm Bay (24 percent) and Jacksonville (23.8 percent).
Across the country at the end of the third quarter, there were 6,917,673 U.S. residential properties that were seriously underwater, representing roughly 12.7 percent of all mortgaged properties.
